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2015 (3) TMI 892 - GUJARAT HIGH COURT

2015 (3) TMI 892 - GUJARAT HIGH COURT - [2015] 375 ITR 561 (Guj) - Reopening of assessment - AO deleted the deduction under Section 80IB - ITAT not upholding the issuance of notice under Section 148 valid - Held that:- From the record, it appears and it is not disputed by Shri Bhatt, learned Counsel appearing on behalf of the revenue that as such alongwith the original return for the Assessment Year 2003-04 the assessee had produced the balance sheet in which the total value of the Plant and Mac .....

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orded by the learned tribunal that initiation of the reassessment proceedings for the Assessment Year 2003-04 was not permissible and was not legal and as such was bad in law. Under the circumstances, the learned tribunal has rightly not considered the appeal preferred by the revenue which was on merits of deletion of disallowance under Section 80IB of the Act. Under the circumstances, there is no substance in the present Tax Appeals and the same deserves to be dismissed. No substantial question .....

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5/09/2014 in ITA No.2687/Ahd/2010 and Cross Objection No.153/Ahd/2013 for the Assessment Year 2003-04 by which the learned tribunal has allowed the Cross Objections preferred by the assessee and dismissed the appeal preferred by the revenue, by holding that initiation of the reassessment proceedings / reopening of the assessment, which was admittedly beyond the period of four years, was invalid, the revenue has preferred the present Tax Appeals with the following proposed questions of law; Tax A .....

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assets on Plant & Machinery does not exceed ₹ 3 crore whereas the total value of the Plant & Machinery as per the balance sheet for all the three assessment years under consideration was above 3 crore?" Tax Appeal No.136/2015 "Whether the Appellate Tribunal has erred in law and on facts in holding that the issuance of notice under Section 148 was bad in law which was issued as per provisions available as per explanation 2(c) (iii) and 2(c)(iv) given below Section 147 of .....

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inancial Year 2002-03 relevant to the Assessment Year 2003-04. The Assessing Officer granted the deduction under Section 80IB of the Act as claimed. Thereafter, after a period of four years of completing the Assessment Year 2003-04, the Assessing Officer initiated the reassessment proceedings under Section 147 of the Act mainly on the ground that though the assessee ceased to be an SSI Unit as it exceeded the limit of investment of Plant & Machinery i.e. exceeding the limit of ₹ 1 Cror .....

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Assessment Year 2003-04 and, therefore, the income chargeable to tax has escaped under Section 147 of the Act. The Assessing Officer passed the reassessment order for the Assessment Year 2003- 04 and deleted the deduction under Section 80IB of the Act amounting to ₹ 38,07,493/- and revised the income. (2.2) Feeling aggrieved and dissatisfied with the reassessment order passed by the Assessing Officer under Section 147 of the Act for the Assessment Year 2003-04 of disallowance of deduction .....

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rmissible. However, on merits, the learned CIT(A) deleted the disallowance of deduction under Section 80IB of the Act. (2.3) Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A) in deleting the disallowance of deduction under Section 80IB of the Act on merits, the revenue preferred appeal before the learned tribunal, being ITA No.2687/Ahd/2010. Against the finding recorded by the learned CIT(A) holding the initiation of the reassessment proceedings under Section 147 of .....

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nt and order passed by the learned tribunal in ITA No.2687/Ahd/2010 and Cross Objection No.153/Ahd/2013, the revenue has preferred the present Tax Appeals. (3.0) We have heard Shri Manish Bhatt, learned Counsel appearing on behalf of the appellant at length and we have perused the order passed by the Assessing Officer under Section 147 of the Act as well as the order passed by the learned CIT(A) as well as the impugned judgment and order passed by the learned tribunal. At the outset, it is requi .....

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l return for the Assessment Year 2003-04 the assessee had produced the balance sheet in which the total value of the Plant and Machinery was ₹ 4,73,81,571/. Despite the above, the Assessing Officer allowed the deduction under Section 80IB of the Act and, therefore, as such, it cannot be said that there was any omission and / or suppression on the part of the assessee in not disclosing the true and correct facts. If that be so, it cannot be said that the learned tribunal has committed any e .....

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